Permanent Fund Review Board

April 6, 2012

BOARD PURPOSE:

The Board shall advise and make recommendations to the City Council concerning investment policy, strategy, and asset selection and allocation of the permanent fund. The Board may use the services of a professional investment advisor/manager in rendering its advice and recommendations to the City Council.

FUND PURPOSE:

The purpose of the permanent fund is to maximize income for capital and operating expenses of the city and preserve in trust assets of the city for present and future generations of city residents. The principal goal shall be to preserve principal and maintain purchasing power. For a complete description and explanation of investment policies and procedures, please see Fairbanks General Code 2-256 through 2-262 (link below).

MEETINGS:

The Permanent Fund Review Board is a Committee formed in accordance with the Fairbanks Home Rule Charter, Section 8.8(b). Meetings are held quarterly at City Hall in the Council Chambers and are open to the public. Special meetings may be called by the chairman or by a majority of the members. A majority of the board shall constitute a quorum and a majority shall be necessary to carry any question. Minutes shall be kept as a permanent record of all meetings and shall be filed in the Office of the City Clerk.